Maurel & Prom (“M&P”) received a notification from the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) that its Venezuela licence has been revoked. The OFAC is responsible for granting specific licences to oil companies exempting them from the ongoing sanctions on Venezuela, thereby allowing them to sell oil from the region. M&P is authorised to conduct operations in a wind-down phase from its Venezuela asset, Urdaneta Oeste, until 27 May 2025. M&P is receiving the same ....
